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Churchill Downs Inc (CHDN) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2019

Churchill Downs Inc

CIK: 20212 Ticker: CHDN

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FOR IMMEDIATE RELEASE
Contact: Nick Zangari
(502) 394-1157
Nick.Zangari@kyderby.com
CHURCHILL DOWNS INCORPORATED REPORTS
2019 THIRD QUARTER RESULTS
LOUISVILLE, Ky. (October 30, 2019)
- Churchill Downs Incorporated (Nasdaq: CHDN) ("CDI" or "the Company") today reported business results for the third quarter ended September 30, 2019.
Third Quarter 2019 Highlights
Net revenue of $306.3 million, up 38% over the prior year quarter
Net income of $14.8 million compared to $56.3 million in the prior year quarter
Adjusted net income of $22.3 million, compared to $21.9 million in the prior year quarter
Adjusted EBITDA of $88.0 million, up 42% over the prior year quarter
CONSOLIDATED RESULTSThird Quarter
(in millions, except per share data)20192018
Net revenue$306.3  $221.3  
Net income from continuing operations$15.2  $58.0  
Diluted earnings per share ("EPS") from continuing operations$0.37  $1.42  
Net income$14.8  $56.3  
Diluted EPS$0.36  $1.38  
Adjusted net income(a)
$22.3  $21.9  
Adjusted diluted EPS(a)
$0.55  $0.53  
Adjusted EBITDA(a)
$88.0  $62.1  
(a) This is a non-GAAP measure. See explanation and reconciliation of non-GAAP measures below.
THIRD QUARTER 2019 NET INCOME
The Company's third quarter 2019 net income of $14.8 million was comprised of $15.2 million in net income from continuing operations and $0.4 million in net loss from discontinued operations. The prior year quarter net income of $56.3 million was comprised of $58.0 million in net income from continuing operations and $1.7 million in net loss from discontinued operations.
The following items impacted the comparability of the Company's third quarter net income from continuing operations:
$42.3 million after-tax non-cash gain in the third quarter of 2018 on the acquisition of the remaining 50% equity interest in Ocean Downs Casino & Racetrack in exchange for the 25% equity interest in Saratoga New York and Saratoga Colorado properties;
$3.0 million after-tax increase in expenses due to legal reserves;
$2.2 million after-tax impact related to our equity portion of the non-cash change in fair value of Midwest Gaming Holdings LLC's ("Midwest Gaming") interest rate swaps;
1

The following information was filed by Churchill Downs Inc (CHDN) on Wednesday, October 30, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Churchill Downs Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Shareholders' Equity
Acquisitions
Acquisitions (Tables)
Acquisitions - Lady Luck Nemacolin (Details)
Acquisitions - Ocean Downs (Details)
Acquisitions - Presque Isle (Details)
Acquisitions - Pro Forma Information (Details)
Acquisitions - Summary Of Assets Acquired And Liabilities Assumed (Details)
Acquisitions - Summary Of Intangible Assets Acquired (Details)
Commitment And Contingencies (Details)
Contingencies
Debt
Debt (Details)
Description Of Business
Description Of Business (Details)
Discontinued Operations
Discontinued Operations (Tables)
Discontinued Operations - Additional Information (Details)
Discontinued Operations - Income (Loss) From Discontinued Operations (Details)
Discontinued Operations - Major Classes Of Assets And Liabilities Derecognized (Details)
Fair Value Of Assets And Liabilities
Fair Value Of Assets And Liabilities (Details)
Fair Value Of Assets And Liabilities (Tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Additional Information (Details)
Goodwill And Other Intangible Assets - Goodwill (Details)
Goodwill And Other Intangible Assets - Intangible Assets (Details)
Income Taxes
Income Taxes (Details)
Investment In And Advances To Unconsolidated Affiliates
Investment In And Advances To Unconsolidated Affiliates (Tables)
Investment In And Advances To Unconsolidated Affiliates - Additional Information (Details)
Investment In And Advances To Unconsolidated Affiliates - Affiliate Balance Sheet (Details)
Investment In And Advances To Unconsolidated Affiliates - Affiliate Income Statement (Details)
Leases
Leases (Tables)
Leases - Additional Details (Details)
Leases - Schedule Of Future Minimum Operating Lease Payments (Details)
Leases - Schedule Of Lease Cost (Details)
Net Income Per Common Share Computations
Net Income Per Common Share Computations (Details)
Net Income Per Common Share Computations (Tables)
Recent Accounting Pronouncements
Recent Accounting Pronouncements (Tables)
Recent Accounting Pronouncements - Cumulative Effect Of Changes Due To Adoption Of Asu 2014-09 (Details)
Revenue From Contracts With Customers
Revenue From Contracts With Customers - Additional Information (Details)
Revenue From Contracts With Customers - Performance Obiligations (Details)
Segment Information
Segment Information (Tables)
Segment Information - Adjusted Ebitda By Segment (Details)
Segment Information - Equity In Earnings Of Unconsolidated Investments (Details)
Segment Information - Information About Reported Segments (Details)
Segment Information - Schedule Of Net Revenue From External Customers (Details)
Segment Information - Total Asset Information For Segments (Details)
Shareholders' Equity
Shareholders' Equity (Details)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Details)
Stock-Based Compensation Plans Grants (Tables)
Subsequent Event
Subsequent Event Subsequent Event(S) (Details)

Material Contracts, Statements, Certifications & more

Churchill Downs Inc provided additional information to their SEC Filing as exhibits

Ticker: CHDN
CIK: 20212
Form Type: 10-Q Quarterly Report
Accession Number: 0000020212-19-000057
Submitted to the SEC: Wed Oct 30 2019 1:11:50 PM EST
Accepted by the SEC: Wed Oct 30 2019
Period: Monday, September 30, 2019
Industry: Racing Including Track Operation

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